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Russian President Vladimir Putin’s adviser, Dmitry Kobyakov, accused the US of orchestrating a crypto strategy to eliminate its $35 trillion national debt through the manipulation of stablecoins.
During his speech at the Eastern Economic Forum on Sept. 6, Kobyakov claimed that Washington seeks to “rewrite the rules of the gold and crypto markets” as alternatives to traditional currency systems while addressing declining dollar confidence.
The debt problem
The adviser drew parallels to historical US debt strategies from the 1930s and 1970s, arguing America plans to solve financial problems “at the world’s expense.”
He stated:
“The US plans to solve its financial problems at the world’s expense—this time by pushing everyone into the ‘crypto cloud’. Over time, once part of the US national debt is placed into stablecoins, Washington will devalue that debt.”
He described a multi-stage process where the US would transfer its currency debt into crypto instruments before implementing devaluation.
Kobyakov characterized this as a deliberate scheme to eliminate sovereign obligations through digital asset manipulation:
“They have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it—and start from scratch.”
The accusations come amid increased global interest in stablecoins, propelled by thriving regulation in the US. In July, President Donald Trump signed the GENIUS Act into law, creating a regulatory framework for these dollar-pegged tokens.
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Strategic tool
However, Kobyakov positioned crypto adoption as a strategic tool rather than a technological innovation, suggesting that the US promotion of digital assets serves debt management objectives.
The adviser warned that global crypto enthusiasm enables Washington’s alleged financial restructuring plans.
The Eastern Economic Forum, held annually in Vladivostok, serves as Russia’s primary platform for discussing Asia-Pacific economic cooperation and alternative financial systems.
Kobyakov’s remarks reflect ongoing Russian criticism of US monetary policy and dollar dominance.
The accusations align with Russian narratives challenging Western financial infrastructure following international sanctions. Moscow has promoted alternative payment systems and criticized dollar-based settlement mechanisms since 2014.
Kobyakov’s claims reflect broader tensions over global financial architecture as countries explore central bank digital currencies and alternative monetary systems.
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